N1.3 Trillion Stolen Between 2011 And 2015, Magu Reveals

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has uncovered that the cash stolen somewhere in the range of 2011 and 2015 is well over N1.3 trillion.

As per Magu, the cash stolen inside this period was by 32 elements, both human and corporate.

Magu made the divulgence in his keynote address at the opening service of the 2019 First Batch Conversion Training Program to Procurement Cadre for Federal Parastatal and Agencies, sorted out by the Bureau of Public Procurement, BPP, in Lagos on Monday.'

Magu, in a paper conveyed for his sake by the Commission's Secretary, Ola Olukoyede censured the tremendous budgetary misfortune to the nation and noticed that a fourth of the cash could have been utilized for instruction and foundation improvement in the nation.

"33% of this cash, utilizing world bank rates and cost, could have serenely been utilized to develop well over 500km of streets; fabricate near 200 schools; instruct around 4000 youngsters from essential to tertiary dimensions at N25million per kid; manufacture 20,000 units of two-room houses the nation over and do significantly more.

"The expense of this stupendous burglary, in this way, is these streets, schools and houses will never be fabricated and these youngsters will never approach quality training on the grounds that a couple of ravenous people had cornered for themselves what might have verified the lives of things to come ages, in this way denying them of value instruction and human services, among others," he included.

The EFCC manager further recognized the false practices in acquirement forms in Nigeria to include: kickbacks, irreconcilable situation, and extortion in the offering procedure, offer concealment, tricky offering, offer turn and market division. Others as indicated by him are: mixing together of agreements, change request misuse, cost mischarging, damaged valuing, false proclamation and guarantee, apparition merchants, item substitution, superfluous buys and buys for individual use or resale.